tv Bloomberg Daybreak Europe Bloomberg February 16, 2021 1:00am-2:00am EST
u.k. prime minister boris johnson wants lockdown to be the last as he considers target dates to reopen the economy. 6:00 a.m. in london, 7:00 a.m. in frankfurt, rip it up and start again. i am talking about global stocks. jp morgan, john norman is bullish all the way. we will talk about those energy markets in just a moment. this is the driver for jp morgan this morning. they are not fearful. they want more. annmarie: they certainly do. they are asking, what is the next force, quoting newton's law. the next force will be when the fed starts tapering bond buying. you have this momentum on monetary and fiscal policy. in the united states, with impeachment behind the biden administration, this just means we are back to that fiscal debate.
i also have to say, numeral has an interesting piece out as well. they say season may heighten risk of short term pullback because it is february. be careful in the second half of february. manus: will get into the texas power outage throughout the show. the commodity super cycles debate is really quite interesting. julius baer was with me and they said, don't get sucked into the idea that this is all about china and iron ore's, this is about the housing market, the electric vehicle market. these commodities are, what is the phrase that the producer of the other shows says? lit. annmarie: 70% higher for 2020, i would say that is lit. we are seeing this risk on effect in the market. the nikkei come up more than 1%,
securing the level above 30,000. futures up. in the bond market this morning but we are seeing some movement, inching closely to that 1.25% in march. $60 on wti, holding above $60. as you have said, this has everything to do with what is going on in texas. oil being able to hold that. it is because we are losing more than a million barrels a day due to this cold arctic snap in texas. manus: you are looking at 5 million people potentially have gone into dark. effects into mexico. 65% of mexico has come back online but the price of spot electricity ratcheting higher. so, we will discuss that in just a moment. there you go.
this is some of the virus facts that we are dealing with as well. annmarie: we have some latest news on the coronavirus. the united states recording the lowest daily number of new infections since october 25. that is some really positive news. the u.k. prime minister is aiming to drop plans to lift restrictions in the united kingdom because of how well the vaccination program is going. the who is clearing the astra vaccine for emergency use. some positive news on the virus front. we have been speaking to the greek prime minister. he spoke to our editor-in-chief. >> we have the capacity to administer many more vaccines than we are currently administering. we have the infrastructure in place. it is simply a question of getting our hands on the vaccines. this is at the end of the day a european decision.
manus: plenty more to come with our interview with the greek prime minister in this hour, so don't miss it. of course, he had many things to say. joining us now is the chief economist for the americas and europe at standard chartered. we sort of laid out the big narrative. it is about this risk on, fear of missing out. but in the end, john norman at jp morgan says he is comfortable saying to people, stay long these markets because newton's law will apply. you would say that is bolstered by the u.s. growth story to come this year. >> yes. it looks like a good story for growth. we raised our forecast recently. if we think about the stimulus that is coming, the very good progress on tackling the pandemic, and the savings as
well, pent-up savings that we expect will be deployed in the coming months, then there is a lot of very good news for the u.s. economy. annmarie: you outline four risks that you are worried about the u.s. economy in terms of what could hinder your projections. walk us through those risks. sarah: we have to recognize that the pandemic could take a very uncertain pass -- uncertain path in terms of variants and strains that could be a setback. that has to be a key factor. secondly, we don't know how quickly employment is going to return. some of the recent job numbers have been disappointing. we are expecting it is going to take a number of years before we get back to full employment. in the meantime, there is likely
to be a surge in inflation. we see cost pressures already coming through. of course, what is going on currently. the combination of cost pressures and an economy that is not yet back could see somewhat damaging. and, just sort of more broadly, uncertainty about international markets. we know that euros are still struggling to get back onto its feet and the recession is likely to linger on. manus: each week goes by and i see a variety of eyes with goldman sachs and yourself talking about the number of pent-up savings in the united states. where does that stand now and how will that, let's say, accelerate and multiply if there is a stimulus around the $1.9 trillion level. sarah: if we are looking at $1.9
trillion, and certainly the democrats are really pushing to get that, close to that full package through, then that is another 8-10% of gdp potentially that we are looking at. so a very strong stimulus. in terms of savings, additional savings, perhaps 5% of gdp. how far the stimulus is actually spent and how much of that is saved, of course you have to take into account some of that will leak out through imports and foreign accounts. overall, particularly if we do get as much as $1.9 trillion, i think up until last week, most of the markets had been anticipating something closer to $1.2 trillion to $1.5 trillion. anything more than that gets an
additional further boost. annmarie: where do you think all this cash will be deployed? sarah: services. we have seen over the past year that people have been spending very heavily on durables. durable goods. they have done very well. services have been held back by social distancing, by the restrictions. as soon as the vaccination program is through, as soon as we start to see social distancing restrictions being lifted, then i think there will be a lot of pent-up demand for entertainment, travel as far as it is allowed, and really people getting out and spending and restaurants, in bars. so, that potentially is going to be where we see a lot of the savings directed. manus: when it comes to pent-up
demand, i am literally going to go on the best holiday ever at the end of this. annmarie: you live in a holiday destination. manus: annmarie thinks my whole life is a holiday. the sun might be shining but we work very, very hard here in dubai. the commodities cycle, you sound reasoned in your assessment. throwing around superlatives about a quality super cycle. oil, platinum, copper. much more, i would say, thoughtful and measured about whether we are at the beginning of a super cycle. yay or nay? sarah: i am a little bit cautious talking about commodity super cycle when we see substantial inventories, for example, in oil, where we still see demand, some 6 million barrels per day below where it
was a year ago, and what we know there is substantial capacity not being utilized. so, certainly in terms of the energy markets, a lot of the driver has been the anticipation of good times to come, the strength of demand. we need to be careful about -- we need to recognize that opec-plus could certainly increase production. at the sorts of prices, incentives to ramp up output as well and restart exploration. we recently raised our base metals forecast. so, we acknowledge that there is going to be good demand and over the long cycle as well, demand for electric vehicles and so on, which is likely to be supportive. i would not: a super cycle but
simply acknowledging that the strength in the global economy we are anticipating this year is likely to be positive. annmarie: sarah he when, chief economist of america and europe at standard chartered. let's get the first one is with laura wright. laura: the world trade organization has chosen the first woman and first african-american to lead the organization. >> the first time in the 73 years of gatt and wto, you are selecting a woman and an african as director general. this is groundbreaking and positive. i am grateful for the trust you have in me, not just as a woman and as an african, but also in my knowledge, experience, and as some of you have said, courage and passion, to work with you to
undertake the wide-ranging reforms that wto needs to reposition for the future. laura: freezing weather in texas has plunged at least 5 million people into dark is. homes and businesses from north dakota to texas are losing power during a deep-freeze to vent the complete collapse of the grid. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you. coming up on the show, as concern over europe's vaccine rollout persists, the greek prime minister urges the eu to ensure that there are no more delays. our interview is next. this is bloomberg. ♪ so you're a small business, or a big one.
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manus: it is "daybreak: europe." the greek prime minister, kyriakos mitsotakis, has strongly urged the european union to ensure there are no more delays on fx enterprise. ursula vanderlinden -- on vaccine supplies. the eu commissioner ursula vander laying in. kyriakos mitsotakis made the comments on bloomberg news. >> greece overall has done better than most european companies in dealing with the pandemic, which was sort of unexpected given that we entered this with an underfunded health care system. we have also rolled out vaccinations faster than most other european countries.
it is a surprise to many greeks and so far, we have been able to vaccinate people at a relatively fast pace. i do expect a number of vaccines to ramp up significantly. but we will move to people with underlying conditions and once we address categories, hopefully by then we will have more vaccines and we will be able to mr. debt able to administer -- we will be able to administer given the demand increase and we hope that by the summer a significant portion of the greek population will be vaccinated. last year, we did it in a safe manner and during last summer, we did not have the tools at our disposal. even in terms of testing, there was limited testing available. now we will have the vaccine protection and more testing
capacity which is very helpful when you try to open your country up to travel. >> how frustrated are you with the european union? greece was outstanding in coping with the first wave of covid. now with the vaccines, i think around 6% of the vaccination you have done, because of the slow introduction. there is the problem about supply and that seems to go back to brussels. how much do you think the commission was at fault for that? mr. mitsotakis: i have been an ardent supporter of the concept that europe needed to purchase vaccines at the european level and distribute them to all member states on a per capita basis, essentially making notice tension between rich, poor, large, small countries. there is no doubt there were issues in terms of the execution of this project.
now we need to move forward to make sure that as new vaccines are approved, this approval will happen very quickly. it will be behind other countries quickly. i am sure that even in brussels at the administrative level, the lessons have been -- we have accepted what has happened and we have learned our lesson. we have to make sure that, march and april, as new vaccines will be approved, there is no more delay to delivering them to the member states. we have the capacity and infrastructure. it is simply a question of getting our hands on the vaccines. this is at the end of the day a european decision.
>> as i understand it, the first quarter looked tough increase. presumably the lack of vaccines is becoming a major part of that. mr. mitsotakis: every time you close the economy, you pay a heavy price. with suffering big recession in 2020. q1 will not look as good as we thought it would look a few months ago. but again, we are not an outlier here. if anything, we are currently in sort of our third lockdown. hopefully, in a couple of weeks, we will bring cases down significantly and we can think about reopening the economy. annmarie: that is blue -- that is greek prime minister kyriakos mitsotakis speaking to our editor-in-chief.
sarah, your notes when you look at covid in europe, you say vaccinations will not cover the more vulnerable 50-plus until next year. you call this a dose of reality. how do you then start to outline when europe will start to recover and could see a recycle -- ca cycle similar to the united states? sarah: i think we will see a recovery in the second quarter, around the middle of the year. others are extending their restrictions. that is going to mean that the economy continues to struggle. we are currently in a double-dip recession in our view in the euro area. on the current trajectory, the more vulnerable part of the copy -- part of the population, the over 60's, might not be vaccinated until later this year.
this is the part of the population more likely to end up in hospital and intensive care units. so, that has to be a concern. the other issue, as mentioned earlier, and until the vulnerable parts of the population are vaccinated, and leaves the whole population open to variants. as the pandemic subsides naturally because of seasonal factors, there may be less of a willingness to go and get vaccinated. particularly strong in terms of some european countries. manus: they need to get those vaccination levels up. we thank you for being with us this morning. coming up, millions of people in the u.s. are facing power cuts.
forced shutdown of some of the nation's biggest refiners. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships.
annmarie: this is "daybreak: europe." brent crude edging higher today after closing out its highest in almost 13 months. this as we have a deepening energy crisis in the united states. forcing the shutdown of some of the nation's biggest refineries and leaving millions without power. let's get some analysis with our executive editor for energy and commodities. u.s. crude output production down 1.7 million barrels per day. there is a worry also that the refinery complex in america is a big if. >> that seems to be what is happening right now. when we spoke yesterday, power
outages for example were mostly concentrated in excess. what has happened in the last 24 hours, other parts of the energy system, southwest power, which covers 13 odd states in the southwest of the country. at the moment, we have -- there is a risk that as demand ramps up this morning, that it gets worse again. as it spreads to other parts of the energy system, it is clearly worsening. manus: we were just showing some of the spot prices in texas. staggering, $9,000 is the average spot power price in texas. this morning, we will get some big reports coming across the table. amazing set of results in terms of the dividend. does that carry through, do you think?
>> i think that is what people will be watching. clearly, the escalation of the dividend is a big question. they said they were thinking about it, they might do it. key to whenever that happens, i think we need to look at the trading arm. tends to be slight the -- to be slightly more opaque than the mining side. traders did well last year, particularly in the first half of the year. we may see one last dividend. manus: one last hurrah as they double down on trading. will, always good to have you. our executive editor for energy and commodities. so, we have got them lined up we will speak to the cfo and the co-ceo of a dutch nutrition company. they just reported their
annmarie: good morning, from the city of london, i am annmarie hordern with manus cranny live from dubai. this is "bloomberg daybreak: europe." the stock rally marches on amid progress in battling the coronavirus. brent edges up as a winter storm cripples the power system in texas. boris johnson wants this lockdown to be the last, as it
considers target dates to reopen the economy. good morning. 6:30 am in london. today, focusing on jp morgan saying investors are the least fearful they've been into decades -- in two decades under the most greedy. manus: are they complacent? you've got overdrive in the markets. they tend to exhibit financial variants of newton law which means we stay in motion until acted on by another force. john morgan makes a point it could be tapering, but probably not in the near term. still happy to be long these markets, isn't he? annmarie: he certainly is and the tapering isn't going to happen much longer. accommodative monetary policy, accommodative fiscal policy which in the united states we are about to get 1.9 trillion dollars and the party continues. manus: global stocks, up one
third of 1%, the longest winning streak on the global equity rally since 2003, and the pe is at the highest since 2009. are we stretched? ask ourselves, s&p futures up 6.1 percent. energy is only 3% of the overall msci waiting. in futures, we traded up. we did that again this morning. when does that reach a tipping point for the equity market? is it 1.6? 1.8, pre-covid? nymex screwed up 1.25% as this cold snap in the united states comes to bear on the energy complex. annmarie: definitely and scary. the positive data we are seeing on the frontlines of the coronavirus, positive news. the united states, recording the lowest daily number of new infections since the end of october. in the united kingdom, boris
johnson aiming to drop plans to lift the pandemic restrictions and the who is clearing the astrazeneca vaccine for emergency use, which is very critical when you look at the developing world. amid widespread criticism over slow european vaccine rollout, our editor-in-chief sat down with the greek prime minister. he strongly urged to the eu to ensure there are no more delays to supplies. >> we have the capacity to administer many more vaccines than we are administering and we have the infrastructure in place. it is a question of getting our hands on vaccines and this is a european decision. manus: let's get across to laura wright with the first word news for this tuesday morning. laura: the u.k. prime minister boris johnson once the current national lockdown to be the last. he's drawing up plans for a gradual lifting of restrictions across the country that aims to
set target dates for when the curbs will be eased. he says his priority will be to reopen schools for march 8. plans will be published february 22. >> we want this lockdown to be the last, and we want progress to be cautious, but also irreversible. laura: myanmar's military junta has shut down the internet for a second night as part of efforts to stem nationwide protests after it seized power on february 1. authorities are trying to disrupt telephone and internet access to make it harder for demonstrators to organize. global news, 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. annmarie: now to earnings and dsm
beat expectations for the fourth quarter. the dutch company makes dietary supplements, personal-care tech as well as chemicals. its human nutrition division saw growth at animal nutrition as more people got pets. joining us is geraldine matchett . thank you for joining us this morning. your numbers came out about half an hour ago. i think the biggest line is adjusted growth is moving into double digits, something i don't think we've seen from dsm in quite a few years. what is the outlook? why are you so bullish? geraldine: good morning and thank you for having us. indeed, we have ended 2020 on a high. if you look at fourth quarter, organic growth of 9%. our ebitda is up 10% and in our materials business, a step up in
volumes of 14%. going into 2021, positive momentum. on the outlook for 2021, it is a combination of the nutrition part of our country, 80% of dsm remaining resilient and a recovery in the materials businesses that have suffered more from the pandemic during 2020. when you put it together, that does look to our ebitda going into double digits and strong cash generation. manus: thank you -- good morning to you. let's pick up on the materials business. your team have been looking at the language, you will develop units in this division into more resilient, higher growth, and higher-margin speciality business. what does that mean? does that mean you are downsizing the business in readiness to sell it? can you confirm your intention is to sell that business? geraldine: no, not at all.
maybe to clarify we haven't -- resumption of our materials businesses being carved out and hopefully the deal will be closed in the first half of the year and those businesses will be going over. the remaining materials businesses are excellent businesses in engineering materials, protective materials, and we see this as a high quality, specialty portfolio that will benefit from the recovery of the economy as everybody comes out of the pandemic, and our wording about saying after the euro has suffered, we expect a recovery and we are a specialty player within that space. annmarie: there is lots of interesting your material business, geraldine. how do you feel about that asset remaining in the group long-term?
geraldine: yeah, so we are a nutrition, health, and sustainable living company. we are a highly weighted -- rated esg stock and in both businesses, we have strong innovation power. we are a science-based company and put together, we are able to drive not only value creation for shareholders, but positive impact. all of these materials businesses sit nicely within the overall dsm direction of nutrition, health, and sustainable living. manus: we are curious, part of your business is obviously to do with one of the big themes in covid, the whole world gone crazy getting dogs and pets. i haven't capitulated yet. have you seen any material impact on your animal nutrition business? is that expanding quite quickly? annmarie is keen for me to get a dog, but it doesn't seem to be
flying at the moment. geraldine: firstly, i can encourage you to get a dog. they are wonderful companions. i've had a dog many years. joking apart, we have seen a step up in the number of pets and it is something very specific. pet owners do love them so much that they do tend to focus very much on the nutrition. we are the world's biggest producer of micronutrients. that includes micronutrients for animals and omega-3 is a very important ingredient for the animals to have great for and be in great -- great fur and be in great health. our biggest business in animal nutrition is the broader gory -- category. over 3 billion of turnover and we've had new acquisitions in that space, so it is all about having a very resilient food system in the world that keeps people healthy through the food they eat. annmarie: i'd also like to get a
pet, alongside manus. i'd like to ask about the frontera dairy company. you are working with them to handle methane emissions. are you getting more inquiries about this in terms of climate change? geraldine: this is actually a critical innovation. as you are aware, the agricultural space contributes about a third to greenhouse gas emissions and what not many people realize is one of the worst greenhouse gases is methane. it is 20 times more potent than co2. animals burp a lot of methane. that is the way it is. with frontera, we have signed a cooperation agreement where they are looking at how to reduce the methane burped like cattle and we have ingredients we have developed over multiple years being tested on more than 10,000 cows that can reduce the methane by 30%, which is a much quicker and much faster way of reducing the basic greenhouse gas
footprints of not only new zealand but around the world and frontera has been signing this agreement. we also have finland we are working with, a big trial in alberta for beef cattle going on. this is something which is in the process of registration, which should be completed in 2021, so a very exciting for you best year for us on that front. -- year for us on that front. manus: you've taken us to new heights from pet ownership to cattle burping. give the viewers a sense of what the demand is like in your business. we are working on whether you are seeing a real spike in real demand or are people just restocking? geraldine: yes, so here i'll be a little careful. in our nutrition's business, we see resilient demand, and that has been the case throughout the pandemic. what we will see is an increase
in out of home eating as the vaccination programs start to gain scale and here, we will maybe see the mix of consumption be a bit different between home prepared meals and out of home meals. for animal nutrition, we see good conditions across the board. we saw them last year and into 2021. for the materials business, there is a bit of uncertainty still. what we saw is in q4, a nice step up in activity. we had 14% increase in volumes in our engineering materials business, which is related to the automotive sector. here, we flagged the question mark of how much is that a sustained recovery or whether it is more of a stocking effect across the value chain? it will take a little longer for everyone to really be able to tell which one is which. manus: geraldine, come back and
manus: it is your daily addition of "bloomberg daybreak: europe." the energy crisis in the united states of america grips the headlines, record low temperatures send prices soaring and crippling the power systems, launching at least 5 million into darkness. the grades manager can't be sure when the blackouts will end, with the cold forecast to continue through wednesday. let's get to our reporter. the u.s. oil supply is
interrupted. the pipelines are freezing, crude prices are spiking the highest in more than a year. this is quite a tight situation. how long do we think this will endure? >> the cold snap is crippling our entire power system and people are experiencing these blackouts, they are without power at the moment. great managers aren't sure when the blackouts will end because the cold snap is here to stay until wednesday, so i think this is a rolling situation, but it will have a massive impact on energy prices, brent crude breaching $64 a barrel, it passed $63 yesterday and is still headed higher. annmarie: texas is the entire regions refining complex is the heart of the largest refinery
for the entire country. it is the situation like for fuel across america? sharon: that's right, texas has enormous oil refining industry and we are now seeing there are estimates that at least one million barrels a day or more of crude oil production is shot, and 10 billion of gas production is shut. some of the energy consultants like energy aspects are estimating that millions of barrels capacity a day have been taken off-line due to the cold so traders are comparing the situation to the 2000-2001 energy crisis as well as the 1998 power crisis in the middle east. it looks like a pretty severe situation we are facing at the moment. manus: we've got brent and wti
spiking this morning, and the curve, the brent curve is also moving quite aggressively higher. sharon: yes, that's right. prices are much stronger, which has indicated bullishness in the market and wti, some say that might be $65 a barrel. it is around $60 a barrel after breaking $60 for the first time in 13 months. you might see higher prices from here. annmarie: nearly inching toward $64 on brent. sharon cho, thank you for joining us. the hp group has boosted its outlook for the global economy as the rollout of covid-19 vaccines gathers pace. the world's biggest miner posted a third -- 15% rise in profits.
this has to do with record iron ore production in western australia and that helped the company cash in on price gains. we spoke to ceo mike henry and discussed the results. mike: i don't want to get caught up in the terminology per se. we've been saying for some time they pay outlook for commodities over the medium to long-term is very positive. commodities are essential for the world's ongoing development and growth and through the decarbonization transition or energy transition the world must affect, that will be minerals or metals intensive so the megatrends we see playing out around global population growth, the electrification thematic, the energy transition, all of these bode well for commodity demand over the medium to long-term and in the near term, as the world recovers from the covid, we will see some pretty strong fundamentals as well and hence, we were constructive in our outlooks -- results we
announced today and that sits behind this record dividend we've announced. rishaad: absolutely, and as we look ahead, we see geopolitical themes playing out, beijing and canberra at loggerheads. is there concern that may spread into other commodities such as iron or, which is your bread and butter? mike: so clearly, the ban on australian coal imports into china has hurt the returns of our business during the half and has hurt the industry more broadly. we are certainly not planning on the basis that is going to turn the corner anytime soon. however, i think both parties realize the importance of iron ore supply to the trade relationship between the two nations. there is certainly benefit to
australia to it continuing and the chinese economy. i think the planning basis or the assumption we have is that demand in china will remain strong, you are running over a billion tons of steel production and that bodes well for the outlook for iron ore demand for a producer like bhp. haslinda: in terms of iron or demand from china, give a sense of how strong that could be taking into account how strongly the chinese economy is recovering. mike: great question. the economic recovery underway is really solid. we see the pull-through in terms of in use demand for steel so it is not -- we are not seeing the strength in the recovery being a short-term thing. we think there is durability to that. back that up with the recovery underway elsewhere in the world and some ongoing supply challenges, in particular out of brazil. that points to some robust near-term fundamentals for iron
ore and we are expecting there will be a degree of price support for some time to come. haslinda: before we let you go, your thoughts on the u.s. energy crisis, which is deepening. that is pushing oil prices beyond $60 a barrel. your thoughts on that? mike: so, the -- if you look at what is playing out in terms of economic recovery, bringing back oil demand coupled with opec action and some uncertainty around what will happen with granting new leases on federal land in the u.s., which i think the industry is still trying to understand how that is going to play out, all of this is seen a boost in near-term oil and gas prices and this is in line with the thesis we lay out previously, which is we see the investments attractiveness in oil and gas remaining for the next decade and likely beyond. the pullback in fresh capital going into the industry in the last year in the face of covid
and lower oil prices is only going to provide further support for that part of the business. manus: bhp ceo mike henry speaking after the minor boosted its outlook and paid a record dividend. let's stay with the commodity story. we await resorts -- results from glencore this morning. he will oversee this slate today, the presentation likely to give investors and analysts a chance to find out more about glasenberg's handpicked successor. coming up, eurozone finance ministers discuss the current economic situation in a virtual meeting later today. we will bring you everything you need to know for your tuesday trade right here on "daybreak: europe." ♪
let's take a look at the events we are watching today. 10:00 u.k. time, preliminary euro area gdp for the fourth quarter. afterwards, eurozone finance ministers will discuss the economic situation virtually and in the united states, the quarterly deadline for hedge funds to disclose investments and finally, today is mardi gras. those will obviously be restricted and they will go virtually. in four minutes, you are looking for the glencore results. manus: absolutely. what will ivan glasenberg tell the market in terms of debt? that was the real issue for them last year at the halfway point of the year, under $20 billion. the dividend was ditched, where are we with that? of course, where are they on trading. the holy grail. super cycle. annmarie: does ivan think we are in a super cycle?
anna: welcome to "bloomberg markets: the european open." i'm anna edwards live in london. today, the markets say the global equity rally marches on, hopes a widening vaccine rollout will boost recovery as the cash trade is less than a howard -- an hour away. u.s. energy crisis deepens. prices soared to record levels with at least 5 million people losing power amid the deep freeze.